DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor LLP announce that a federal class action lawsuit has been
filed in the United States District Court for the Central District of
California against CytRx Corporation (“CytRx”) (NASDAQ: CYTR) and
several officers and directors for acts taken during the period of
November 18, 2014 and July 11, 2016 (the “Class Period”).

Shareholders who suffered a loss during the class period have until
September 23, 2016 to seek appointment as lead plaintiff. If you lost
more than $75,000 from shares purchased during the class period and wish
to take a more proactive role in the litigation, you are urged to
contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com,
Patrick Powers at Powers Taylor LLP via email at shareholder@powerstaylor.com,
or call toll free at (877) 728-9607. There is no cost or fee to you.

According to the complaint, the defendants are alleged to have violated
certain provisions of the Securities Exchange Act of 1934. Specifically,
the complaint alleges, among other things, that defendants issued
statements and/or failed to disclose that: (1) the clinical hold placed
on the Phase 3 trial of Aldoxorubicin for STS would inhibit the
necessary follow-up for patients in the study; (2) close to half of the
patients would be excluded from the progression free survival
evaluation; (3) CytRx would probably need a second analysis; (4) the
trial's results could be materially affected and/or approval of
Aldoxorubicin for STS could be delayed; and (5) consequently, CytRx's
public statements were materially false and misleading at all relevant
times.

On July 11, 2016, CytRx announced the results of the Company’s Phase 3
clinical trial of Aldoxorubicin compared to investigator’s choice
therapy in patients with relapsed or refractory STS. CytRx disclosed
that “the study did not show a significant difference between
aldoxorubicin and investigator’s choice therapy for [progression free
survival] . . .” CytRx also disclosed that a partial clinical hold in
November 2014 led to insufficient follow-up for nearly two-thirds of
patients who entered the Phase 3 study after the hold was resolved and
enrollment resumed. As a result, nearly half of all patients were
excluded from the progression free survival evaluation. Finally, CytRx
announced that it “expects to conduct a second analysis, which will
include longer patient follow-up and allow for greater maturation of all
endpoints.” CytRx stock dropped significantly immediately following this
announcement.

The
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.

Powers
Taylor LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.